Cost of Living Puts a Strain on Australians

When asked about their financial well-being, only 4 percent of Australians said it was easy for them to get along in the current economy. This is according to a new survey carried out by News.com.au. About half of Australians said they were “doing OK”, while a high 42 percent admitted to struggling.

As part of the survey, a majority of respondents said they were frustrated with rising costs. On the cost of living index put together by website Numbeo, Australia is currently listed as the country with the 16th highest cost of living and the 14th most expensive country to rent in. On the list of the least affordable groceries, Australia is in rank 10.

News.com.au identified soaring expenses coupled with low wages and inadequate welfare payments as the reason why many Aussies found themselves in a pinch. In fact, wages in Australia have been stagnating and were largely not able to keep up with inflation.